Under the European Parliament Economic and Monetary Affairs Committee’s revised European benchmark legislation, EU based institutions will be forbidden from holding any products linked to unauthorized benchmarks.Read More
Outside of enforcement actions, Mr. Meister enhanced collaborative relationships with the U.S. Justice department, the FBI, and many other domestic and foreign agencies. He also smoothed out the Division’s investigative and management techniques, increasing the speed in which cases were handled, and ensuring consistent enforcement actions across the board.
Beginning his speech, Chairman Gensler recalls the state of the U.S. economy in 2008, putting the majority of the blame for the financial crisis on the swaps market.
Also in his testimony, Gensler cited the recent progress made with cross-border swaps regulation in addition to registration of securities as positive steps forward in the CFTC’s aim to create transparency in the futures industry.
CFTC investigators are reviewing over one million e-mails and instant messages as part of an investigation into possible price manipulation of ISDAfix interest-rate swaps. The electronic communication search comes just a few months after the records were collected under subpoena for evidence that the world’s largest banks rigged the ISDAFIX swaps rate.
Lawyers for a number of the world’s biggest banks have asked a U.S. judge to throw out a collection of lawsuits accusing them of manipulating Libor, key interest rates, and cheating investors out of billions of dollars.